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Average Home Values and Ownership Trends in Zip Code 08535: Roosevelt's Changing Real Estate Landscape
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Roosevelt, located in zip code 08535 in New Jersey, has experienced significant changes in homeownership rates and housing prices over the past decade. This small community, covering 17.1 square miles, has seen fluctuations in its population and housing market that reflect broader economic trends.
The homeownership rate in Roosevelt has shown a general decline from 2013 to 2022. In 2013, the area boasted a high homeownership rate of 95%. However, by 2022, this figure had decreased to 86%, indicating a shift in the local housing market dynamics. Despite this decline, the average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $475,667, which steadily increased to $793,464 by 2022, representing a substantial 66.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in Roosevelt aligns with well-established trends. As interest rates remained low between 2013 and 2020, ranging from 0.11% to 0.38%, homeownership rates remained relatively stable, fluctuating between 90% and 95%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate saw a more significant drop to 86%, suggesting that higher borrowing costs may have impacted affordability and homeownership decisions.
The renter population in Roosevelt has correspondingly increased as homeownership rates declined. In 2013, only 5% of the population were renters, but this proportion grew to 14% by 2022. Interestingly, average rent prices have not shown a consistent correlation with this increase in renter population. The average rent price in 2013 was $1,725, which fluctuated over the years, reaching $2,176 in 2022. This represents a 26.1% increase in average rent over the period, though the trend was not linear, with some years showing decreases in average rent.
In 2023 and 2024, the housing market in Roosevelt continued its upward trajectory. The average home price in 2023 reached $833,851, a further increase of 5.1% from 2022. By 2024, the average home price climbed to $869,831, representing a 4.3% year-over-year increase. These price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong demand or limited supply in the local housing market.
Looking ahead, predictive models suggest that the upward trend in both average home prices and rent prices is likely to continue over the next five years. Based on historical data and current market conditions, average home prices could potentially reach or exceed $1 million by 2029. Average rent prices are also expected to increase, potentially surpassing $2,500 per month within the same timeframe. However, these projections may be influenced by various factors, including economic conditions, local development, and changes in federal interest rates.
In summary, Roosevelt has experienced a gradual shift from a predominantly homeowner community to one with an increasing renter population. Despite this change, both average home prices and rent prices have shown overall upward trends. The inverse relationship between rising interest rates and declining homeownership rates in recent years highlights the impact of broader economic factors on local housing markets. As the community continues to evolve, monitoring these trends will be crucial for understanding the future of Roosevelt's housing landscape.
